Destination: Grenada
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Go now so when you return, after all the movers and shakers and their beautiful counterparts have arrived, you’ll have a point of comparison and will be able to say “I was here early.” At the moment, however, Grenada is like an awakening beauty, stretching after years of slumber. As is the case with any destination undergoing a major transformation, the buzz has sparked a lot of hot-spot analogies: Portofino without the tourists, St. Barth’s without the cliquishness, St.-Tropez as it was in its heyday. Whichever is most accurate (and it’s too soon to tell), the sense of discovery and energy is palpable.
A better question, though, might be “Why invest now?” Property prices for Grenada are still lower than those for Antigua or Barbados, though this is changing rapidly: prices for Mount Cinnamon (currently about $800 a square foot) are expected to double by spring. One reason the investment climate is so propitious is de Savary’s knack for negotiation. In part to discourage mass development, the Grenadian government sets relatively high real estate taxes; de Savary, however, was able to have the purchase tax completely removed for his buyers making their properties available to a rental pool. While I was at Mount Cinnamon, a top Trinidadian lawyer was scouting out a villa, proclaiming that he had no intention of ever staying in it, and several retailers have already purchased plots on Port Louis, still only a barebones construction site,
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